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GRAINS-Wheat up 1 pct as USDA pegs conditions of crop below forecasts
May 31, 2017 / 2:08 AM / 4 months ago

GRAINS-Wheat up 1 pct as USDA pegs conditions of crop below forecasts

    SYDNEY, May 31 (Reuters) - U.S. wheat futures rose more than 1 percent on Wednesday after the U.S. Department of
Agriculture pegged the condition of the crop as below market expectations.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of Trade rose 1.2 percent to $4.34-1/2 a bushel, having
closed down 2 percent on Tuesday. 
    * The most active corn futures climbed as much as 1.3 percent to $3.71-3/4 a bushel, having closed down 1.9
percent in the previous session. 
    * The most active soybean futures gained up to 0.85 percent to $9.20-1/2 a bushel, having closed down 1.5 percent
on Tuesday.
    * The U.S. Department of Agriculture rated 65 percent of the corn crop in good-to-excellent condition, below an average
of analysts' expectations for 68 percent.
    * The USDA also rated 50 percent of the U.S. winter wheat crop and 62 percent of the spring wheat as good-to-excellent.
However, both wheat figures fell below analysts' expectations.
    * Talk of poor crush margins in China, the world's top soybean buyer, raised concerns about export demand for U.S. soy,
although the U.S. Department of Agriculture said private exporters sold 130,000 tonnes of old-crop U.S. soybeans to unknown
destinations. 
         
    MARKET NEWS  
    * The British pound came under pressure on Wednesday after a new poll found that British Prime Minister Theresa May's
Conservative Party risks falling short of an overall majority in next month's national election.  
    * Oil prices fell about 1 percent on Tuesday, on signs of resurgent crude output in Libya and concerns that extended
production cuts by leading exporting countries may not be enough to drain a global glut that has depressed prices for
almost three years.  
    * U.S. stocks inched lower on Tuesday, with the S&P 500 retreating slightly from a record, as weakness in the energy
and financial sectors outweighed gains in technology shares.  
    
    DATA AHEAD (GMT) 
0100  China          Official manufacturing PMI              May    
0100  China          Official non-manufacturing PMI          May 
0600  Germany        Retail sales                            April 
0645  France         Producer prices                         April 
0800  Germany        Unemployment rate                       May
0900  Euro zone      Inflation                               May 
0900  Euro zone      Unemployment rate                       April
1400  U.S.           Pending homes sales                     April
    
 Grains prices at 0137 GMT
 Contract       Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   434.50     5.00    +1.16%       -0.86%  432.89    58
 CBOT corn    370.75     3.75    +1.02%       -0.94%  369.53    52
 CBOT soy     918.50     5.75    +0.63%       -0.86%  958.38    29
 CBOT rice     11.18   -$0.01    -0.09%       +1.82%  $10.32    71
 WTI crude     49.43   -$0.23    -0.46%       -0.74%  $48.87    48
 Currencies                                                       
 Euro/dlr     $1.117  -$0.001    -0.11%       +0.06%              
 USD/AUD      0.7453   -0.001    -0.15%       +0.23%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Sherry Jacob-Phillips)
  

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